"Chronicle" weekly newsletter - Where insurance and technology meet

JULY 18, 2023

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The Changing World Of Risk: Majesco Report
Majesco is pleased to announce a new thought leadership report, published in collaboration with Capgemini, which takes a detailed look at the rapidly growing and shifting nature of risk and its impact on the insurance industry. Read more.

Applied Q1 Commercial Lines Premium Rate Index
Applied Systems is pleased to announce the first quarter 2023 results of the Applied Commercial Index™, the Canadian insurance industry's premium rate index. Read more.

Emma, Segic Join Forces To Provide Fully Online Life Insurance Coverage
Emma and Segic are pleased to announce a strategic partnership to integrate Emma into Segic's Platform Benefits Marketplace, providing a fully online life insurance option to members of benefit programs. Read more.

Brokerlink Completes Two More Acquisitions
BrokerLink Inc. is pleased to announce it continues to grow across the country with the acquisitions of Donnell Insurance Brokers Ltd., based in Burlington, Ontario, and Kent & White Insurance Ltd., headquartered in Edmundston, New Brunswick. Read more.

CSIO Establishes Standards Governance Advisory Council
CSIO is pleased to announce that it has established a Standards Governance Advisory Council. The mandate of the Council is to enhance the cooperation and collaboration of CSIO member organizations regarding the implementation of unambiguous standards. Read more.

Accenture, AWS Extend Generative AI Capabilities
Accenture is pleased to announce an extension of their strategic collaboration with Amazon Web Services (AWS) to help clients leverage the value of large language models and generative AI for faster business transformation, utilizing the most comprehensive and broadly adopted cloud. Read more.

Gallagher Re 1st View: Continuing Discipline
Gallagher Re is pleased to announce the release of its July 2023 1st View report, based on the real-time observations of Gallagher Re's brokers working across all territories and classes covered in the report. Read more.

CEOs Embrace Generative AI: IBM Study
A new global study by the IBM Institute for Business Value found that nearly half of CEOs surveyed identify productivity as their highest business priority – up from sixth place in 2022. But CEOs can face key barriers as they race to modernize and adopt new technologies. Read more.

Summer Surge In Bicycle Thefts: Square One
As Canadians break out their bicycles for the summer, Square One reveals a tremendous increase in the number of bike thefts during the warmer months. Read more.

JLR, Allianz Partners Launch Embedded Insurance
Jaguar Land Rover and Allianz Partners are pleased to announce the launch of an embedded insurance program to enhance the purchasing experience for clients across Europe. Simply Drive offers the convenience of immediate and complimentary insurance cover for the first month of ownership, making a purchase quicker and easier. Read more.

Equitable Life Launches EZBenefits™
Equitable Life is pleased to announce the launch of a unique new group benefits solution designed specifically for the needs of small business. Read more.

WTW, Clyde & Co Partner On Climate Liability Risk
WTW is pleased to announce a collaboration with global law firm Clyde & Co. to offer Clyde & Co's climate legal and risk expertise as part of its climate analytics and consulting offering to support clients in managing the impact of physical climate risks and their transition to net-zero. Read more.

Cyber Market “On The Cusp Of Potentially Transformational Growth”: Howden
Howden, the international insurance broker, is pleased to announce the release of its third annual report on cyber insurance, which reveals that the size of the market could reach USD 50 billion by 2030. Read more.

Generative Microapps Can Augment The Human Workforce: Gartner
Generative AI, and specifically large language models (LLMs), are set to change how organizations design jobs and allocate responsibilities, but LLMs come with a unique set of risks when compared with other AI implementations, according to Gartner. Generative microapps are an emerging technology that can help to demonstrate the value of generative AI while minimizing risk exposures. Read more.

Tantallon Wildfire Insured Damage Total Revealed
The wildfire in Tantallon, Nova Scotia, is estimated to have caused more than CAD 165 million in insured damage, according to initial estimates from CatIQ. Read more.

National Adaptation Strategy Improves Canada’s Climate Defence
Insurance Bureau of Canada has issued a statement applauding Canada's first-ever National Adaptation Strategy and Action Plan. Read more.

Canadians Skeptical About Sustainability Claims
Deloitte Canada's latest report reveals a substantial disconnect between how brands and consumers regard sustainability claims and products. Companies can gain an advantage by closing the perception gap and validating those claims. Read more.

The Intersection: Blog

What's going through the Intersection
of insurance and technology?

Economic Uncertainty Presents Opportunities for Agency & Carrier Partnerships
By Heather Turner, ReSource Pro
We all know of the traditional carrier/agent relationship – it may, in fact, be the first thing that comes to mind when you think of insurance distribution partnerships. But rapid technological advancements, changing customer expectations, and economic headwinds are reshaping how insurance products and services are distributed. Read more. ‘Technology In Action’ Series
How Brokers Can Harness Artificial Intelligence & Data To Thrive
WebinarWednesday, July 19

Data and AI can help a broker make targeted and informed decisions about the brokerage, reduce operational expenses and automate day-to-day tasks.

Trufla CEO Sherif Gemayel will dive deep into how a broker can use unprecedented amounts of data to inform and transform strategies to sell not just choice, convenience, and optimization, but create an experience that direct writers simply cannot do through advocacy.

Register now or learn more about the webinar.

InsurTech Spotlight

In the InsurTech Spotlight this week:

CoverGo provides cutting-edge technology to make insurance 100% digital and accessible to everyone. CoverGo's SaaS modular end-to-end no-code core insurance platform enables insurers to increase their speed to market, enable digital omni-channel distribution, improve customer & staff experience, reduce operational & IT costs, and reduce fraud, waste and abuse, all in a fast, efficient and scalable way. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug

Is This Partner for You?

In this era of rapid change, businesses are buying solutions. Whether a major core system replacement, an upgrade to a major function or a small add-on point solution, there is almost certainly a range of InsurTech technology providers to choose from.

A few considerations when evaluating the options.

Homework first: Be sure that your objective is agreed upon internally, that the use case and business case fit your strategy.

Common objectives: The provider's business objectives should align with your business objectives, both at a higher level and for the scope of this partnership.

Culture fit: For this project to be executed successfully, the culture of the two businesses should fit, you need to be able to work well together.

Success metrics: The business case would include metrics for both implementation and ongoing operations. Agreement on these by both partners improves the probability of success.

Each project contributes to growth and success. The quality of a partnership can make a difference; do it right.

Dig deeper with “Find the Right Business Partner,” by Eva Goldstein and Denise Olivares.

Doug Grant, CIP

Doug Grant

The Chronicle weekly newsletter features news, events, and general information relating to technology and innovation in the Canadian insurance industry and marketplace. Subscribe here or view past issues.

If you would like to recommend an item for inclusion – with a focus on technology in insurance relevant to the Canadian Property & Casualty insurance industry – please contact [email protected].

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